We’re short the ES, but I wanted to provide traders with a way to go long ‘against-the-box’ using this vehicle, since the downside target at 131.86 is such a hot little temptress. It is shortly before 3 a.m. in New York, and for whatever reason, my Tradestation platform is not displaying bids and offers for SPY options. Because of this, I’ll have to wing it with a recommendation that you buy two June 132 calls if and when SPY gets within a dime or so of the target. If you are hedging the short in ES, you’ll need to acquire 50 deltas worth of calls for each contract. All who attempt this trade should stop the position out if SPY hits 131.74.